PUBLISHER: Grand View Research | PRODUCT CODE: 1404913
PUBLISHER: Grand View Research | PRODUCT CODE: 1404913
The global higher education technology market size is anticipated to reach USD 140.40 billion by 2030 and is expected to grow at a CAGR of 18.6% from 2023 to 2030, according to a recent report from Grand View Research, Inc. The growth of the market can be attributed to the expansion of personalized and adaptive learning platforms, growing digital transformation and online learning, and various partnership programs among universities. For instance, in August 2023, the University of Oxford announced a partnership with the Museum of West African Art to establish an archaeological excellence center in West Africa and train a new generation of archaeologists to convey the story of the region's past from an African viewpoint, as well as to create student pathways to enhance research. Students from West African countries or with an extensive academic interest in West African archaeology and heritage will benefit from a tailored plan allowing them to enroll in the Oxford School's superior graduate courses in archaeological science. Such initiatives being pursued by the market players bode well for the growth of the market.
The increasing technology integration, such as virtual labs, simulation tools, and online platforms, is helping skill development in areas such as coding, data analysis, and digital literacy. Institutions are leveraging these technologies to train students for technology-driven industries, which is further expected to drive market growth. For instance, in May 2023, Cambridge University announced a partnership with Nazarbayev Intellectual Schools (NIS), an international school, to create a system of education for its schools that is internationally competitive. This entailed developing and implementing a curriculum, assessment, and teacher training program in Kazakh, Russian, and English for Grades 1 - 12.
Cambridge University also assisted NIS in disseminating programming learning to a larger number of schools across the country. The plan involved Cambridge and NIS exchanging information and skills to build a system that NIS could manage independently in the long run, with NIS gradually taking on greater responsibility.
The growing emphasis on linking education to the specific needs of the industry is boosting the market growth significantly. Higher education institutions are collaborating with various industries to create programs that emphasize practical skills and prepare students for job opportunities. Furthermore, higher education institutions are incrementally implementing focused diversity and inclusion strategies to promote equitable representation of underrepresented communities. This includes aggressive recruitment strategies, scholarship programs, and mentorship options. For instance, in April 2023, The University of California announced a partnership with UC Merced and College Track, a comprehensive college completion program. The partnership focuses on providing the resources, assistance, and environment for college students from underprivileged backgrounds who desire to be the first in their families to graduate from college.
Several higher education institutions are experiencing financial challenges as a result of factors such as the rising cost of education, changing economic conditions, and increased rivalry for research funds. These budgetary constraints might make it challenging for universities to invest in infrastructure, faculty development, and student support programs. However, public-private partnerships are being investigated as a strategy for leveraging private investment in higher education. This could involve partnerships with private enterprises for research projects, infrastructure development, or the establishment of joint programs.
Several countries are shifting to performance-based funding plans, in which funding is attached to specific performance measures and outcomes. This method strives to ensure that resources are distributed efficiently and that institutions are held accountable for delivering demonstrable results. Such initiatives are anticipated to create a positive outlook for the market.